Habitat for Humanity Canada welcomes new funding under the National Housing Strategy’s National Housing Co-Investment Fund

The launch of the National Housing
Co-Investment Fund’s housing construction and renovation streams today
by Minister Duclos marks another positive step under Canada’s first-ever
National Housing Strategy (NHS).

The availability of $4.52 billion in financial contributions and
$8.65 billion in low-cost loans will create new affordable housing, and
repair or renew existing affordable and community housing that covers a
broad range of housing needs.

Habitat for Humanity Canada is pleased that the Fund will invest in a
wide range of housing solutions, including affordable homeownership, in
order to meet the housing needs of Canada’s vulnerable populations. In
Habitat for Humanity Canada’s consultations with the federal government
for the National Housing Strategy, Habitat Canada was clear that
affordable homeownership is one of the solutions to improve housing
conditions for low-income families and Indigenous communities.

“I commend the federal, provincial and territorial governments for
making progress in implementing the National Housing Strategy, including
the new multilateral Housing Partnership Framework,” says Mark Rodgers,
Habitat for Humanity Canada’s President and CEO. “We look forward to
contributing to the National Housing Strategy’s goals of creating more
affordable housing through Habitat’s affordable homeownership program.
Being able to access and leverage new funding and financing under the
National Housing Co-Investment Fund will allow Habitat to help even more
vulnerable Canadians in core housing need, including low-income
families; women, girls and their families; persons with disabilities;
seniors; veterans and Indigenous peoples.”

Affordable homeownership is an important housing option that is
proven to have a long-term, positive impact on Canadians, providing a
bridge to a more secure future. We are pleased that the federal
government is committed to working more closely, and collaboratively,
with municipalities as well as the private and non-profit sectors.

The Habitat for Humanity model is based on a partnership between the
family, the community, volunteers, the private sector and contributions
from different orders of governments. The National Housing Co-Investment
Fund represents an excellent opportunity to leverage public/private
partnerships in order to achieve the National Housing Strategy goals of
creating more safe and affordable homes for Canadians.

About Habitat for Humanity's Model

There are 55 local Habitats across Canada that build and rehabilitate
decent, safe and affordable homes through multi-unit, mixed use or
single family dwellings. Habitat’s Indigenous Housing Partnership
connects Indigenous families and communities to help create safe and
decent places to live through affordable homeownership in urban areas
and on Traditional Territories.

Habitat houses are sold at fair market value to low-income people in
need of affordable housing at no profit and are financed with affordable
no-interest mortgages.

Habitat mortgage payments are never more than 30 per cent of the
household income. As the mortgage is paid off, local Habitats invest
the funds in its “fund for humanity” to build more affordable homes in
their community.

Habitat’s model of affordable homeownership has long-term benefits
for the larger community, with every Habitat home generating $175,000 in
social benefits, according to a study by the Boston Consulting Group.
Last year, Habitat homes provided over $43 million dollars in social
benefits to the country. Affordable homeownership also helps free up
much-needed social housing as 39 percent of Habitat families that buy
their home were formerly living in social or subsidized housing.

About Habitat for Humanity Canada

Founded in 1985, Habitat for Humanity Canada is a national, nonprofit
organization working toward a world where everyone has a decent and
affordable place to call home. Habitat for Humanity brings communities
together to help families build strength, stability and independence
through affordable homeownership. With the help of volunteers, Habitat
homeowners and 55 local Habitats working in every province and
territory, we provide a solid foundation for better, healthier lives in
Canada and around the world. Habitat for Humanity Canada is a member of
Habitat for Humanity International, which was established in 1976 and
has grown to become a leading global nonprofit working in more than 70
countries. For more information, please visit www.habitat.ca.

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